KGHM Polska Miedź S.A.Narrow moat

KGHM Polska Miedź (KGH) — moat facet

Revenue doubled from 2018 to 2025 while copper output did not grow: this line is a price.

The Polish parent is KGHM. It had revenue of 30 964 million złoty in 2025, from 29 894 million in 2024 and 29 084 million in 2023 1, 85% of the group 2. It runs three underground mines, concentrators and three smelters in Lower Silesia, and sells refined copper, wire rod, silver and gold.

KGHM Polska Miedz S.A. revenue (zl bn)15,8201819,3202028,4202229,9202431,02025KGHM 2025 Management Board report; electrolytic copper 501,8 kt (2018), 570,9 kt (2025)
Revenue doubled in seven years; copper output rose 14%, and fell in each of the last two years.

What it sells is metal at the market price. In 2025 copper and copper products were 22 378 million złoty, metallic silver 6 133 million and gold 1 144 million 3. Copper revenue fell 1,8% while silver rose 24,7% 4. Customers are mostly European: 24% of revenue was domestic, then Germany 16%, the United Kingdom 9% and Czechia 7% 5.

The history is price, not volume. Revenue was 15 757 million złoty in 2018 and 19 326 million in 2020, then 24 618 million in 2021 and 28 429 million in 2022 6; it doubled from 2018 to 2025 7. Electrolytic copper production over the same years moved between 501,8 and 592,4 thousand tonnes and was 570,9 thousand in 2025 8.

Profit swings far more than revenue. Adjusted EBITDA was 5 474 million złoty in 2021, 3 563 million in 2023 and 4 909 million in 2025, and the parent lost 1 153 million in 2023 9. Its C1 cash cost rose from 1,85 dollars a pound in 2018 to 3,16 in 2025 10, partly because the minerals extraction tax is included in it.

The latest half shows the leverage. Parent revenue rose 47,6% to 21 927 million złoty in the first half of 2026 and adjusted EBITDA to 6 558 million from 2 431 million 11, while electrolytic copper output rose 7,0% to 291,5 thousand tonnes 12.

The number that would change the verdict is adjusted EBITDA per tonne of electrolytic copper: about 22 500 złoty in the first half of 2026 against about 8 900 a year earlier 13. A line whose output does not grow earns what the price gives it, and this figure falling back toward the 2025 level would show the price retreating.

Moat trajectory: Holding steady

Electrolytic copper output has stayed between about 560 and 590 kt a year since 2019; revenue follows the price.

The number that tests this moat
Moat Explorer calc
Parent adjusted EBITDA per tonne of electrolytic copper, first half
about 22 500 złoty in H1 2026 against about 8 900 złoty

Output barely moves, so this is the metal price passing through; a fall back toward 2025 levels would show it retreating.

How it's calculated: Adjusted EBITDA / electrolytic copper production: 6 558 / 291,5 kt and 2 431 / 272,4 kt
Source: KGHM H1 2026 Management Board report ↗
References
  1. ReportedIt had revenue of 30 964 million złoty in 2025, from 29 894 million in 2024 and 29 084 million in 2023 , 85% of the group .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  2. Moat Explorer calcIt had revenue of 30 964 million złoty in 2025, from 29 894 million in 2024 and 29 084 million in 2023 , 85% of the group .
    Moat Explorer calculation from KGHM's Management Board reports: segment shares of group revenue, growth and adjusted EBITDA per tonne of electrolytic copper — FY2018 to H1 2026 · publ. 2026-09-23 · source ↗
  3. ReportedIn 2025 copper and copper products were 22 378 million złoty, metallic silver 6 133 million and gold 1 144 million .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  4. ReportedCopper revenue fell 1,8% while silver rose 24,7% .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  5. ReportedCustomers are mostly European: 24% of revenue was domestic, then Germany 16%, the United Kingdom 9% and Czechia 7% .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  6. ReportedRevenue was 15 757 million złoty in 2018 and 19 326 million in 2020, then 24 618 million in 2021 and 28 429 million in 2022 ; it doubled from 2018 to 2025 .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  7. Moat Explorer calcRevenue was 15 757 million złoty in 2018 and 19 326 million in 2020, then 24 618 million in 2021 and 28 429 million in 2022 ; it doubled from 2018 to 2025 .
    Moat Explorer calculation from KGHM's Management Board reports: segment shares of group revenue, growth and adjusted EBITDA per tonne of electrolytic copper — FY2018 to H1 2026 · publ. 2026-09-23 · source ↗
  8. ReportedElectrolytic copper production over the same years moved between 501,8 and 592,4 thousand tonnes and was 570,9 thousand in 2025 .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  9. ReportedAdjusted EBITDA was 5 474 million złoty in 2021, 3 563 million in 2023 and 4 909 million in 2025, and the parent lost 1 153 million in 2023 .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  10. ReportedIts C1 cash cost rose from 1,85 dollars a pound in 2018 to 3,16 in 2025 , partly because the minerals extraction tax is included in it.
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in 2025: parent revenue by product and market, the 2018-2025 multi-year tables, KGHM INTERNATIONAL results and production, reporting segments — FY2025 · publ. March 2026 · source ↗
  11. ReportedParent revenue rose 47,6% to 21 927 million złoty in the first half of 2026 and adjusted EBITDA to 6 558 million from 2 431 million , while electrolytic copper output rose 7,0% to 291,5 thousand tonnes .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026: parent, KGHM INTERNATIONAL and Sierra Gorda segment results and production — H1 2026 · publ. August 2026 · source ↗
  12. ReportedParent revenue rose 47,6% to 21 927 million złoty in the first half of 2026 and adjusted EBITDA to 6 558 million from 2 431 million , while electrolytic copper output rose 7,0% to 291,5 thousand tonnes .
    KGHM Polska Miedz S.A. Group - Management Board's report on activities in the first half of 2026: parent, KGHM INTERNATIONAL and Sierra Gorda segment results and production — H1 2026 · publ. August 2026 · source ↗
  13. Moat Explorer calcThe number that would change the verdict is adjusted EBITDA per tonne of electrolytic copper: about 22 500 złoty in the first half of 2026 against about 8 900 a year earlier .
    Moat Explorer calculation from KGHM's Management Board reports: segment shares of group revenue, growth and adjusted EBITDA per tonne of electrolytic copper — FY2018 to H1 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 24, 2026